Regulator takes over hospital pension plan

The Pension Benefit Guaranty Corp. today said it had assumed responsibility for the pension plan that covers 830 employees and former employees at the former Amsterdam Memorial Hospital.

The hospital was acquired by St. Mary’s Hospital at Amsterdam earlier this month.

The PBGC estimates the plan is short about $9.6 million, with assets of $13.6 million to cover liabilities of $23 million. The agency will provide $9.2 million of that shortfall, but it didn’t explain where the other $400,000 would come from.

As part of the acquisition of Amsterdam Memorial by St. Mary’s, PBGC said it negotiated with the two hospitals and the state Health Department for $7 million to be transferred into the pension plan.

Plan participants will receive notification letters in coming weeks. The PBGC set the maximum annual benefit at $54,000 for a 65-year-old. Participants with questions may call 1-800-400-7242.